Truist Financial Cuts Avnet (NASDAQ:AVT) Price Target to $52.00

Avnet (NASDAQ:AVT) had its price target lowered by Truist Financial from $54.00 to $52.00 in a research report sent to investors on Thursday,Benzinga reports. Truist Financial currently has a hold rating on the stock.

Avnet Stock Performance

AVT opened at $51.66 on Thursday. Avnet has a 1-year low of $43.62 and a 1-year high of $59.24. The stock has a market cap of $4.49 billion, a P/E ratio of 14.63, a P/E/G ratio of 0.99 and a beta of 1.14. The stock’s 50 day simple moving average is $53.35 and its 200 day simple moving average is $53.45. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.25 and a quick ratio of 1.07.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, January 29th. The company reported $0.87 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.01). Avnet had a net margin of 1.41% and a return on equity of 7.44%. As a group, equities analysts anticipate that Avnet will post 4.1 EPS for the current fiscal year.

Avnet Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, December 4th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.56%. Avnet’s dividend payout ratio (DPR) is 37.39%.

Institutional Investors Weigh In On Avnet

Institutional investors and hedge funds have recently bought and sold shares of the stock. Pacer Advisors Inc. raised its position in shares of Avnet by 11,848.6% in the fourth quarter. Pacer Advisors Inc. now owns 2,840,663 shares of the company’s stock valued at $148,623,000 after buying an additional 2,816,889 shares during the last quarter. Hotchkis & Wiley Capital Management LLC raised its holdings in Avnet by 204.6% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 690,270 shares of the company’s stock valued at $37,489,000 after acquiring an additional 463,660 shares during the last quarter. Harbor Capital Advisors Inc. lifted its stake in shares of Avnet by 227.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 214,007 shares of the company’s stock worth $11,197,000 after purchasing an additional 148,588 shares during the period. FMR LLC lifted its stake in shares of Avnet by 24.7% during the 3rd quarter. FMR LLC now owns 576,794 shares of the company’s stock worth $31,326,000 after purchasing an additional 114,217 shares during the period. Finally, Weiss Asset Management LP boosted its holdings in shares of Avnet by 35.7% during the third quarter. Weiss Asset Management LP now owns 254,624 shares of the company’s stock worth $13,829,000 after purchasing an additional 66,973 shares during the last quarter. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Avnet Company Profile

Avnet, Inc, distributes electronic component technology. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical components; and other integrated components from electronic component manufacturers.